Two Harbors says one approval still pending in CCM deal, updates stub dividend formula

Two Harbors Investment Corp. has secured required state and agency approvals from all but one state for its planned sale to CrossCountry Intermediate Holdco LLC, which will change the previously estimated stub dividend tied to the merger timeline. As previously disclosed, CCM will pay a “stub period” dividend to common shareholders in connection with the TWO transaction. In earlier materials, the companies estimated a stub dividend of $0.12196 per share based on an anticipated Aug. 3 closing date. Because the deal will now close later, the stub dividend will be recalculated based on the actual closing date. The amount will equal Two Harbors’ most recent quarterly dividend of $0.34 per share, multiplied by the number of days from the end of the second quarter of 2026 through the day before the merger closes, divided by 92 days in the third quarter of 2026, the filing said. The stub dividend will be paid to holders of record as of the last trading day immediately before the effective time of the merger. It will be paid concurrently with the merger consideration due to Two Harbors shareholders. “The stub dividend will not reduce or otherwise affect the merger consideration payable to ...